Frequently Asked Questions
Why do I need a mortgage broker?
A mortgage broker can save you time, offer access to a variety of lenders and loan options, help you navigate complex terms, and potentially secure better terms through negotiation, streamlining the mortgage process and increasing your chances of finding the most suitable and competitive deal for your home financing needs.
What is a Decision In Principle?
A Decision in Principle (DIP) is a preliminary assessment by a lender that indicates how much they may be willing to lend you based on a cursory review of your financial information. It provides a quick estimate of your borrowing capacity and can be helpful when house hunting to gauge your eligibility for a mortgage. Keep in mind that it’s not a guaranteed offer and a full application process is still required for final approval.
How long will an application take?
The duration of a mortgage application can vary but typically takes several weeks. Factors influencing the timeline include the lender’s processing speed, the complexity of your financial situation, and any potential issues that may arise during the underwriting process.
What fees will you charge to get me a mortgage?
The fees for obtaining a mortgage can vary depending on the specific services provided by the mortgage broker or lender. Typically, mortgage-related fees may include application fees, appraisal fees, title search fees, and closing costs. It’s crucial to discuss these details directly with the mortgage professional assisting you, as their fee structure can differ. Some may charge upfront fees, while others might incorporate their fees into the overall loan cost. It’s essential to have a transparent conversation about all potential fees associated with securing a mortgage before proceeding.
Do I only need life insurance if I have a mortgage?
No, life insurance is not solely necessary for mortgage purposes. While it can help cover mortgage costs in case of death, life insurance is valuable for anyone with dependents or financial obligations, providing a financial safety net for loved ones in various situations.
Is insurance really worth the cost?
Yes, insurance is often worth the cost as it provides financial protection and peace of mind in unforeseen circumstances, such as accidents, illnesses, or property damage. The value of insurance depends on individual circumstances and risk tolerance.
Why do I need business protection?
LBusiness protection is essential to safeguard your company against unforeseen challenges, such as the loss of a key person through death or ill health. It provides financial stability, preserves longevity, and ensures your business can navigate transitions effectively.
Will I get cover if I have a pre-existing medical condition?
Coverage for pre-existing medical conditions varies among insurance providers. Some may offer cover, while others may impose exclusions or higher premiums. It’s essential to disclose your medical history accurately when applying for insurance, and our advisers can help find the best options based on your specific circumstances.